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$XRP experienced a significant drop on Oct. 9, falling below $2.80 for the first time since Sept. 28, causing its market capitalization to slip below $170 billion. However, one crypto analyst maintains that $XRP has a strong bullish outlook.
Current Market Downturn and Holder Concern
A week after peaking just under $3.10, $XRP briefly fell below $2.80 on Oct. 9—its lowest level since Sept. 28. The decline pushed its market capitalization below $170 billion and triggered concern among holders, especially as $XRP slipped behind $BNB and USDT in market cap rankings.
Despite being one of the best-performing high-cap altcoins over the past year, $XRP has generally trended downward since reaching its all-time high of $3.66 on July 18. While some critics argue that the asset may have already peaked in this cycle, crypto analyst and trader Casitrades maintains that $XRP’s technical setup remains strong, with a breakout still likely.
Although she acknowledges the lack of significant movement in recent weeks, Casitrades points to local support levels as a reason for optimism. She notes that with the consolidation pattern now complete, $XRP’s next uptrend could begin “any day now.”
Technical indicators show that $XRP continues to hold above the key macro support level of $2.79, reinforcing its structural strength. However, sentiment among holders has turned cautious, particularly as $BNB has captured market attention with its sustained rally.
$XRP’s Extended Consolidation vs. $BNB’s Sustained Rally
Unlike $XRP, which struggled to maintain momentum after its July peak, $BNB has climbed steadily from $740 on July 18 to a high of around $1,330 on Oct. 8. Although it pulled back to $1,280 the following day, $BNB’s corrections have been relatively mild, allowing it to retain most of its gains.
This contrast has led some observers to speculate that $XRP may be entering another extended consolidation phase before its next breakout. Casitrades, however, argues that the long buildup before $XRP’s previous breakout is a sign of untapped potential.
“Let me remind you, $XRP consolidated for SEVEN years before breaking out from $0.50 to $3.66. That kind of consolidation is not meaningless. I also don’t think its purpose was just to reach the previous ATH,” she wrote in a post on X. “Currently, subwaves are getting constricted, which is why extensions are being limited to $4.50 and $6.50. However, the macro targets of $8–$13 remain entirely possible if momentum continues strong.”